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Donald Trump has fired the first $50bn (£38bn) salvo in his trade war with China, slapping a 25pc tariff on hundreds of products and sending global markets sliding.

Beijing immediately retaliated as officials promised to respond in kind with “countermeasures of the same scale and strength”.

Mr Trump said he had been forced to act by China’s alleged theft of intellectual property from US firms and despite his “great friendship with president Xi”.

The US imposed levies on 818 Chinese products worth $34bn to come into force on July 6. An additional list of 284 imports worth $16bn has also been put forward, to be enforced after consultation with business.